salary structure bench marking,
TRANSCRIPT
Salary structure bench marking, Salary Survey
by, yogesh mhatre 31
nikita purav 43
yogita gorule 17
manali tarkar 20
Benchmarking
Benchmarking is the process of identifying, understanding &adapting outstanding practices from organizations anywhere in the world to help your organisation improve its performance
Gregory B Watson
Salary structure benchmarking
Companies today are benchmarking the salary packages provided to their people. This helps them to motivate their employees & retain best people within their company
It is done through range of salaries, companies annual report, informal contacts & other forms of market intelligence
Purpose of salary structure benchmarking:-Pay the employee as good as any other Organization Motivate the employees to work with almost loyalty To retain the best workforce within the Organization Compare the pay structures of other organizations
for the same job Review the salaries when needed
Types of benchmarking
Internal benchmarking
External benchmarking Process benchmarking
Steps in benchmarkingprocessPlanning
Analyzing Integration
Action
Maturity
In Planning stage:- Identify who is to be Benchmarked &
determine the data Collection method. In Analyzing stage:- Determine the current Salary structure
of target companies & Set future plans of your company.
In Integration stage:- Communicate the findings & Gain
acceptance from deciding Authorities.
In Action stage:- Implement the revised salary structure
& monitor the response through employee satisfaction survey. Recalibrate benchmarks if needed.
In Maturity stage:- Newly invented Salary structure are
fully integrated into the process. Accordingly salary is provided for the newly hired people too.
Broader ways of salary structurebenchmarkingCompetitors benchmarking:- Salary structure benchmarking of one
company with that of its market competitors Neighbours benchmarking:- Salary structure are benchmarked
among the neighbourhood companies. Employees may shift to
companies which located nearby locations
Advantages of benchmarkingIt involves performance comparison with the
best in the industry It enables the organisation to incorporate
creatively the best practices from any industry
It helps the organisation to meet the requirements of the end user.
It helps in establishing quality goals & true measures of productivity
It facilitate changes It helps in attaining a competitive edge.The interactions of professionals with
benchmarking facilitate future professional growth.
This will be more useful to the organisations in future assignment.
Pitfalls of benchmarking Lack of focus and priority Lack of commitment on the part of management Failure to consider customer requirements Incompetent leadership Lack of proper planning Not involving the staff in the program Conflicting objectives of the organisation & those of benchmarking
partners Lack of adequate resources & facilities
Requirements for successfulbenchmarkingUnderstand your own company's processes &practices
thoroughly Select the best companies for benchmarking
Focus on the best practices Share companies with the companies selected for Benchmarking Involve concerned people in benchmarking Use benchmark regularly Be willing to change
SALARY SURVEYInformal Surveys:May be conducted through telephones and
informal interviews. Formal salary survey:It uses questionnaires based on the
benchmark jobsThat are also present in other companies
and industries.
Steps In Conducting Salary Survey 1. Defining the Labour Market 2. List of Key Job position 3. Detailed Description of Jobs 4. Collection of Salary data 5. Compilation off Salary data 6. Results Survey
The following are the steps in Conducting the SurveyDefining the Labour Market
>Establishing the boundaries of the pertinent labour market is the most critical step in the survey procedures. It involves the selection of the industry, the region or area, or the firm to be included in the survey.
List of Key Job Position Common to Most Firms
>This will ensure a representatives sampling of the jobs. >Selected as universal for a particular salary survey.
Detailed Description of Jobs>Key jobs are the labor grades that are
comparatively stable in duties and responsibilities. These are occupations that are common in most industries and scattered through the ladder of labor classification and commonly familiar to most people in the industry.
Collection of Salary Data>This may be done through a set of questionnaires
and supplemented by interviews to get the accurate information. The information must be able to pinpoint the problem area that has to be addressed by the compensation structure and the terms of payment plan.
Compilation of Salary Data>The data gathered will provide management with
the opportunity of arriving at the arithmetical average , the median , and the rage rate paid and the supplementary wage data.
Presentation of Result Survey>From here the results are properly evaluated and
the HRD prepares the corresponding recommendations to the management of the most appropriate action to take relative to the revision of the current wage structure . Participating companies are also provided with the summary of the findings to foster continuous cooperation.
Compare Employers: Assistant Manager, Customer Service at Air India
Air India Thomson Reuters
TATA CONSULTANCY SERVICES LIMITED
Compensation
Salary Rs 247,357 - Rs 857,877
Rs 261,860 - Rs 945,380
Rs 340,169 - Rs 879,701
Bonus Rs 2,915 - Rs 39,592
Rs 16,897 - Rs 198,938
Rs 13,157 - Rs 115,097
Total Pay Rs 266,539 - Rs 893,479
Rs 289,860 - Rs 1,079,268
Rs 356,548 - Rs 940,888
Salary survey of flight dispatcherJob: Flight Dispatcher Salary by Years
ExperienceYears ExperienceNational Salary Data
1-4 years 6 salaries Rs 235,832 - Rs 610,419
5-9 years 6 salaries Rs 294,791 - Rs 1,013,295
Country: India | Currency: INR | Updated: 13 Nov 2013 | Individuals Reporting: 18
Companies and Industries for Flight Dispatcher Salaries
Popular Industries Salary RangeCommercial Aviation or AirlineRs 218,084 - Rs 1,354,469
Key Statistics for Flight Dispatcher Salaries and JobsYears of Experience Less than 1 year 11% 1-4 years 33% 5-9 years 33% 10-19 years 17% 20 years or more 6%
Salary survey of aircraft mechanic
Job: Aircraft Mechanic / Service Technician Salary by Years Experience
Years ExperienceNational Salary Data 5-9 years 6 salaries Rs 318,374 -
Rs 732,503 10-19 years 5 salaries Rs 420,000 -
Rs 1,080,000 Country: India | Currency: INR | Updated: 11
Nov 2013 | Individuals Reporting: 16
Companies and Industries for Aircraft Mechanic / Service Technician Salaries
Popular Industries Salary RangeCommercial Aviation or Airline
127,857 - Rs 1,312,070Aircraft Maintenance Services
Rs 111,007 - Rs 981,201Key StatisticsYears of Experience1-4 years 25%5-9 years 38%10-19 years 31%20 years or more 6%
Survey comparisonAir India typically
pays its employees -12% below market
Similar employers pay their employees:-1%
below marketSimilar companies
include: Thomson Reuters,
TATA CONSULTANCY SERVICES LIMITED